STRONG SECOND HALF

 

While 2019 got off to a slow start, with the first two quarters lagging, both the third and fourth quarters were very active and resulted in a strong finish to the year.

Single family home transactions within Park City limits grew year over year by 15%, while sales volume jumped 12%. However, the median price fell slightly. Similarly, sales volume was up 10% in the Snyderville Basin with a 5% uptick in the median price to $1.28 million. The Jordanelle area had the greatest gains with a 22% increase in transactions. The median price grew 40% to $2.19 million. This is largely attributed to renewed activity in Tuhaye, as a result of the Storied Development takeover.

Condominium transactions increased by 45% in the Snyderville Basin with a 20% uptick in the median price, ending the year at $649,000.  Within Park City, 11% more transactions occurred. However, the median price dipped 12% to $779,000. Pre-sales in new developments continued to be a big factor in the market. 

 

 

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MARKET SNAPSHOT

12 Month Rolling: Jan-Dec 2019 / Jan-Dec 2018

 

 

 

 

Not all sold data in the Heber Valley is included in the Park City MLS data; please call for more specific details.

 

 

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The overall number of single-family home sales in our primary market area increased a modest 4%, while the median price was up 12%. Within the Park City Limits (84060),  the number of transactions increased 15%, with the median price dipping 5% to just under $2 million ($1,980,000). In the Snyderville Basin (84098), the number of closed home sales was up just 2%, while the median price climbed by 5% to $1,286,250. Within the Jordanelle area, 22% more homes traded resulting in a 40% bump in the median price to $2,195,000. In the Heber Valley, 2019 transactions were the same as 2018 (324 total sales), with a slight 4% increase in the median price. The Wanship/Hoytsville area had a strong uptick, with 24% more transactions and a 14% increase in median price to $485,000. Total transactions were down 8% in the  Kamas Valley, while the median price rose 5% to $526,000.

 

PARK CITY LIMITS

By area, Upper Deer Valley and Park Meadows contributed to the highest number of home sales within the Park City Limits; the total number of homes sold in town increased 15%, with a slight dip in the median home price to $1,980,000. In Park Meadows the median home price ended the year at $1,925,000, while Old Town’s median price jumped 17% to $1,828,000. 

 

SNYDERVILLE BASIN

Total transactions increased by double digits in Canyons Village (45%), Sun Peak/Bear Hollow (25%), Jeremy Ranch (20%), and Glenwild (11%). The most significant increase in median price occurred in Pinebrook, where the median price rose 30% to $1,160,000. In Silver Creek Estates, the number of sales dropped by 46%, with a 6% decrease in the median price ($1.2M). Sixteen percent more homes sold in Promontory, where the median price rose 8% to $2.25M. 

 

JORDANELLE

Home sales grew 22% in Jordanelle, with the median price rising an impressive 40% to $2.2M. 

 

HEBER & KAMAS VALLEYS

Home sales in the Heber Valley remained flat compared to 2018, with a slight increase in the median price of 4%, ending the year at $528,000. 

 

WANSHIP/COALVILLE

Affordability helped spur a 24% increase in transactions, while the median price increased 14% to $485,000.

 

 

PARK CITY LIMITS

Condominium transactions increased by 11% within the Park City Limits,  yet the median price dropped 12% to $779,000. Both Old Town and Upper Deer Valley saw a 33% increase in the number of transactions. The median price in Upper Deer Valley dropped by 25%, likely due to the prevalence of older, more dated inventory. While transactions more than doubled in Park Meadows, the median price dropped sharply by 30% to $772,500. 

 

SNYDERVILLE BASIN

 In the Snyderville Basin, condominium sales were strong across almost all neighborhoods. The median price rose 20% to $649,000; the number of transactions was up 45%. It was a very robust year for Canyons Village with completion of construction in several new developments. There were 217 total sales (a 70% increase), driving the median price up 61% to $975,000. Pinebrook was another standout, with an 84% increase in the number of transactions.

 

JORDANELLE

In Jordanelle, the Tuhaye/Hideout area saw the median increase 10% to $870,710 among 45 transactions. 

 

 

The scarcity of lots within Park City Limits  resulted in a 34% decrease in the number of transactions, with a slight increase (6%) in the median price to $1.1 million. Following a similar trend, transactions dropped 31% in the Snyderville Basin with a 7% increase in the median price ($527,500). The greatest increase in land sales was in the Jordanelle Park Area, with 35 transactions in the Sky Ridge community. There was an 11% increase in lot sales at Tuhaye; the median price rose 12% to $279,000. In the Heber Valley, 42 fewer lots traded in 2019 with a drop of 25%. The median price bumped 9% to $250,000.

 

 

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TIME ON MARKET RELATIVE TO PRICE

 

 With the busy spring sellers’ market on the horizon, if you are contemplating listing your property, consider the balance between your pricing and absorption timelines. The data below weighs the time on market against the median price. It clearly demonstrates that those properties priced at or below the median are generally sold at a significantly higher pace. 

 

ABSORPTION RATE: the number of months it would take to sell the currently listed properties in the market factoring in median list price.

 

 

PARK CITY LIMITS

(Areas 1-9) Includes

Old Town, Thaynes Canyon, Lower Deer Valley Resort, Deer Crest, Upper Deer Valley Resort, Empire Pass, Aerie, Prospector, and Park Meadows.

 

 

 

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SNYDERVILLE BASIN & JORDANELLE

(Areas 10-27) Includes

The Canyons, Sun Peak/Bear Hollow, Silver Springs, Old Ranch Road, Kimball, Pinebrook, Summit Park, Jeremy Ranch, Glenwild/Silver Creek, Trailside Park, Promontory, Quinn’s Junction, Deer Mountain, Tuhaye/Hideout, Jordanelle, and South Jordanelle.

 

 

 

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HEBER VALLEY

 

 

 

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PRICE APPRECIATION BY STATE

 

What’s the Health of Your Primary Market?

Purchase-Only Index (Seasonally Adjusted): 2018 Q3 – 2019 Q3

 

 

 

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The year ended quite favorably overall, and when we consider the climate this same time last year, we are optimistic our market will maintain momentum. With an election year on the horizon, we aren’t hearing any suggestions of mortgage rate increases. In fact, they hit a three-year low in January. While the trade and tariff dialogue has become more balanced, the stock market continues to rally. Here in Utah, the future has many positive pillars – another great snow year, the opening of our third resort – Woodward Park City, and the pending  completion of the new Salt Lake City International Airport. Utah’s unemployment rate is the lowest in the nation;  couple that fact with continued job growth of high-level positions within Silicon Slopes, and the  economic outlook for Utah in 2020 is definitely positive.

Inventory levels are quite low in Park City. There’s never been a better time to consider trading up, re-investing, or cashing out. Please give me a call for a current valuation.

 

Hope to see you on the slopes soon!